The article discusses concerns raised by Festus Osifo, the former president of a Nigerian oil workers' union, about a new price cap on fuel proposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Osifo warns that this price cap could make the current fuel crisis in Nigeria worse and discourage investors from entering the oil sector. He believes that instead of setting price limits, the NMDPRA should focus on encouraging competition among businesses. More competition would help lower fuel prices naturally. Osifo emphasizes the need for more investors to build refineries, which would also help stabilize prices. Additionally, he calls for Nigeria to significantly increase its crude oil production from about 1.8 million barrels per day to between three and four million barrels per day over the next several years, as the country has substantial oil reserves. He argues that higher production would benefit the economy. Osifo also reflects on his achievements during his six years leading the union, highlighting improvements in workers' wages and job security, as well as community development initiatives. He plans to continue his work with the Trade Union Congress of Nigeria and is committed to serving the community.
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